Karam honored by UMass as scholarship endowment hits $500K

Hours before he was to be honored at a testimonial in Boston on Tuesday night when the University of Massachusetts was announcing the creation of the James J. Karam Scholarship Fund to recognize their prized alum’s extraordinary service to the university, Karam told a story before leaving his Fall River business, First Bristol Corp.

Students from Fall River and New Bedford will be special beneficiaries.

Hours before he was to be honored at a testimonial in Boston on Tuesday night when the University of Massachusetts was announcing the creation of the James J. Karam Scholarship Fund to recognize their prized alum’s extraordinary service to the university, he told a story before leaving his Fall River business, First Bristol Corp.

Karam recalled participating as a two-term chairman of the Board of Trustees at UMass commencements across the state.

“I would meet people who had come from the humblest backgrounds who had achieved at the highest levels,” he said.

He’d witness up close how higher education was the “great equalizer,” giving students “the impetus to succeed in their life and compete at the highest levels.”

It was a commencement at UMass Boston, Karam said, when he had the honor to award an honorary degree to Barack Obama as the then-Illinois senator sought the presidency.

“The most incredible thing that day,” he said, holding back the punch line, “was that was not the best story.”

That distinction fell to the valedictorian of the class. The young woman was 10 or 12 years old when she came to this country from Colombia. She did not speak a word of English.

This valedictorian, Karam said, “was graduating UMass Boston on her way to Harvard Medical School.”

For the future president and this young woman, Karam said, “I saw what higher education meant.”

It’s also tied to the meaning of why UMass’ five-campus system of 70,000 students held a dinner at its UMass Club to honor Karam, a graduate of UMass Dartmouth who served on the 22-member Board of Trustees for a decade. His tenure included two terms as chairman until December.

“No university has ever had a stauncher advocate than this university had — and has — in Jim Karam,” UMass President Robert L. Caret said in a statement.

Karam said when the university told him they were preparing a testimonial for him, his most important request was it be done as a scholarship fundraiser.

During recent months, $375,000 was raised through friends, business associates and UMass colleagues who wanted to honor Karam, donations ranging from $250 to a couple of $25,000 gifts. Karam said he and his wife would donate another $125,000 to bring the scholarship endowment to $500,000.

The students who will benefit most will be closest to home for Karam and his family. The scholarships he expects will total about $40,000 to $50,000 a year will go to students from the SouthCoast attending any of the five UMass campuses.

Page 2 of 2 - Given on a need basis, he said, “I wanted it to be for kids from our region. I wanted the scholarships to be for kids from Fall River and New Bedford” who will be given preference.

Details on how to apply will be furnished in the next two months after a committee is established through the university, Karam said.

He envisions the endowment would provide about 10 students with about $5,000 individual scholarships each year to help fund their educations. It could be funded for the fall.

“It is only fitting that students living on the SouthCoast will now be able to join the UMass community with the help of the James J. Karam Scholarship Fund,” Senate President Therese Murray said.

UMass Board of Trustees Chairman Henry M. Thomas III, who succeeded Karam, said,”Jim Karam wants to ensure the university that transformed his life will make the same difference in the lives of students for generations to come.”

Among those accomplishments Karam helped spearhead a $2.4 billion building and renovation program the past five years at the university campuses, and another of equal scope that’s recently been committed for new academic and research buildings.

Karam said a college education was what made a difference for him and his two older brothers, Skip, the legendary B.M.C. Durfee High School basketball coach, and Robert, who also chaired the UMass Board of Trustees as a highly successful businessman.

Jim Karam said his father immigrated to the United States at age 7 from Lebanon and his mother was born in the United States. He said they gave their sons the educational opportunity to compete and succeed in America, and he continues to want that for others.